Originally built in 2003, the Kellyville Plaza Shopping Centre was in need of modernisation. ISPT and JV partners Coles Group Property embarked on a major extension and refurbishment project, engaging Rook Partners to provide strategic advice on the proposed design and retail mix, and to deliver project leasing services for the new centre. Renamed Kellyville Village, the redevelopment expanded the shopping centre from 5706sqm to 12,853sqm and increased the number of specialty shops from 21 to 40.
We pro-actively manage the ongoing operational leasing at Kellyville to ensure the centre remains relevant and that the profitability and asset value of the centre are maximised.
Key project objectives:
1. Turn around an underperforming shopping centre
2. Increase the range and choice of retail and services available to residents of Kellyville
3. Establish a go-to destination for residents of surrounding suburbs
4. Update centre and retail mix to better reflect the areas changing demographic
5. Increase the long-term value of the asset
With a well-developed strategy, strong interest was generated early on. Businesses from across Sydney and national operators in food, retail and services (many of whom had originally overlooked the area) were vying to secure space in what has become a ‘destination’ location.
Key project outcomes:
1. Introduced new food and retail offers
2. Coles showcased ts new superstore format, the first in NSW
3. Centre was 100% leased on opening
4. Financial KPIs were exceeded, delivering significant capital uplift
5. Moving annual turnover increased substantially